100 Denars – North Macedonia
Non-circulating coins
Commemoration: Wondermarking Mother of God Icons: Vladimir Mother of God
North Macedonia
Context
Material
Weight: 31.1 g
Silver weight: 28.77 g
Shape: Rectangular
Composition: 92.5% Silver
Standard: Silver ounce
Magnetic: No
Technique: Milled
References
KM: #Click to copy to clipboard59
Numista: #108868
Value
Exchange value: 100 MKD
Bullion value: $80.62
Obverse
Description:
The obverse centers on an Annunciation scene from Staro Nagorichane church (1313-1318). Above is the issuer, "Republic of Macedonia," with the national coat of arms and the year "2016." Below are the denomination "100 denars," the hallmark "Ag925," and the weight "31,1 g."
Reverse
Description:
Centered is a Vladimir Mother of God icon in the Stroganov style (late 16th century Russia). The ornamentation, mirrored background, and halos are gold-plated. The Macedonian inscription "Vladimirska" appears at the bottom.
Script: Cyrillic
Edge
Reeded
Categories
| Person> Religious figure |
Mints
| Name | Mark |
|---|---|
| B. H. Mayer Kunstprageanstalt | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2016 | — | — | Proof |
Historical background
In 2016, the currency situation in North Macedonia (then the Republic of Macedonia) was characterized by a stable but carefully managed exchange rate regime. The country operated under a de facto currency board arrangement, with the Macedonian denar (MKD) pegged to the euro at an approximate fixed rate of 61.5 denars per euro. This system, administered by the National Bank of the Republic of Macedonia (NBRM), had been in place since 1995 and was credited with delivering decades of low inflation and monetary stability, providing a crucial anchor for the small, open economy.
However, this stability was tested by a significant political crisis that began in 2015 and extended throughout 2016. A deep political deadlock, involving mass protests and revelations of a wiretapping scandal, led to prolonged uncertainty and delayed reforms. This environment triggered capital outflows and pressure on foreign exchange reserves as confidence wavered. The NBRM was compelled to intervene periodically in the foreign exchange market to defend the peg, leading to a notable drawdown of reserves, which fell by approximately €500 million over the course of the year.
Despite these pressures, the currency board remained intact and the denar's peg to the euro was successfully maintained throughout 2016. The NBRM's commitment to the regime was unwavering, and the situation did not escalate into a currency crisis. The episode highlighted the regime's resilience but also its vulnerability to domestic political shocks, underscoring that the primary risks to monetary stability were not external economic factors but internal political fragility and the resulting erosion of investor and public confidence.
However, this stability was tested by a significant political crisis that began in 2015 and extended throughout 2016. A deep political deadlock, involving mass protests and revelations of a wiretapping scandal, led to prolonged uncertainty and delayed reforms. This environment triggered capital outflows and pressure on foreign exchange reserves as confidence wavered. The NBRM was compelled to intervene periodically in the foreign exchange market to defend the peg, leading to a notable drawdown of reserves, which fell by approximately €500 million over the course of the year.
Despite these pressures, the currency board remained intact and the denar's peg to the euro was successfully maintained throughout 2016. The NBRM's commitment to the regime was unwavering, and the situation did not escalate into a currency crisis. The episode highlighted the regime's resilience but also its vulnerability to domestic political shocks, underscoring that the primary risks to monetary stability were not external economic factors but internal political fragility and the resulting erosion of investor and public confidence.
✨ Legendary